Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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McDonald’s Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition
- The portion of revenues generated from franchised restaurants has shown a gradual increase, rising from approximately 55.32% in early 2020 to fluctuating around 60-62% in 2024 and early 2025. Conversely, sales from company-owned and operated restaurants have decreased from nearly 43% in early 2020 to the mid-30% range by 2025, indicating a strategic shift towards franchised operations. Other revenues have remained relatively low but show a slight upward trend from around 1.7% to nearly 2.7% by early 2025.
- Expense Trends
- Franchised restaurants' occupancy expenses as a percentage of revenues declined from a high of nearly -13.94% in mid-2020 to fluctuate around -9.4% to -10.4% in 2024 and 2025, indicating improved cost control or operational efficiencies in franchise-related occupancy expenses. Expenses associated with company-owned restaurants decreased substantially from a peak near -38.5% to levels around -31% by 2025, reflecting either improved cost management or a reduction in company-operated units. Other restaurant expenses remain low but exhibit some volatility, ending higher at approximately -2.35% by early 2025, suggesting an increase in miscellaneous operational costs.
- Gross Margin and Operating Expenses
- Gross margin expressed as a percentage of revenues improved significantly from a low near 45.87% to values consistently above 55% in recent periods, suggesting enhanced profitability at the gross level. Depreciation and amortization have remained stable around -1.4% to -1.8%, with slight increases toward the end of the period, which may reflect ongoing capital expenditures. Selling, general, and administrative expenses show a reducing trend from highs above -17% to a more controlled range around -9% to -12%, contributing positively to operating profitability.
- Operating Income
- Operating income as a percentage of revenues showed considerable fluctuation, with a notable dip in mid-2020 to about 25.55%, likely due to pandemic-related impacts, but subsequently recovered to near 45-48% levels during 2021 and maintained those levels with some variation through 2024 and early 2025. This recovery and stability indicate strong operational control and profitability.
- Interest and Nonoperating Items
- Interest expense remained relatively stable, mostly hovering between -4.7% and -6.3%, indicating consistent debt servicing costs relative to revenues. Nonoperating income or expenses displayed volatility, including a significant negative outlier around -8.54% in early 2022, but generally returned to near neutral or modest positive values, suggesting occasional nonrecurring impacts on income unrelated to core operations.
- Profitability
- Income before tax experienced sharp declines in mid-2020 but otherwise trended upward, reaching above 40% of revenues in several quarters during 2021 and remaining robust around 39-41% in 2024 and 2025. The provision for income taxes showed variability, sometimes decreasing sharply, possibly due to tax planning or adjustments. Net income followed a similar pattern to pre-tax income, recovering from a dip in 2020 to sustain levels above 30% of revenues in most recent periods, indicating solid bottom-line performance.